What to consider when naming investment account beneficiaries Jun 24th

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When opening certain investment accounts, investors may have the option to designate a beneficiary. It is important to consider the implications in order to minimize tax payable and ensure estate wishes are fulfilled upon the death of an account holder.
RRSP
Registered Retirement Savings Plans (RRSPs) and other registered retirement accounts, like Registered Retirement Income Funds (RRIFs) and Defined Contribution Pension Plans (DCPPs), can have beneficiaries named to receive the account proceeds upon an account holder’s death. 
The most common beneficiary is a spouse or common-law partner. The beneficiary can have the tax-deferred funds remain tax sheltered by transferring them to their own registered account. Even if the spouse is not named as the account beneficiary, there may be other methods to have the account proceeds transferred on a tax-sheltered basis to the surviving spouse.
Some wills specifically address RRSP accounts. If a will states that a spouse is entitled to amounts from an RRSP, the spouse and the executor (who is often the spouse as well) can elect to transfer the account of the deceased on a tax-deferred basis…

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